Global Industrial Racking Systems Market Size Booming to Touch USD 15.7 Billion by 2029

Published | 05 July 2023

Global industrial racking systems market is flourishing because of an increasing emphasis on supply chain efficiency and a growing number of warehouses.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global industrial racking systems market size at USD 10.95 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global industrial racking systems market size to grow at a significant CAGR of 5.42% reaching a value of USD 15.7 billion by 2029. Major growth drivers for global industrial racking systems market include the growing number of warehouse facilities worldwide and the integration of technological advancements in industrial racking systems. These racking systems are employed in various industries for storage purposes, and their adoption has led to a decline in fatal injuries within the warehousing sector. They are also utilized to prevent improper stacking of products and injuries caused by repetitive motions. The market is projected to witness further growth as manufacturing and retail establishments continue to expand globally. The logistics industry, which heavily relies on industrial racking systems, is experiencing rapid growth on a global scale. Within the industrial racking systems market, the logistics industry stands out as one of the largest and fastest-growing sectors. Customers favor selective industrial racking systems due to their ease of installation and high storage capacity. Among them, selective pallet racking systems provide cost-effective pallet storage capacity per square meter. These systems facilitate first in, first out (FIFO) inventory management, enabling customers to access each pallet in storage. Consequently, this aspect further fuels the market's growth. However, high initial investment cost is anticipated to restrain the overall market growth during the period in analysis.

Global Industrial Racking Systems Market– Overview

Industrial racking systems, which are metal structures designed to support goods in warehouses or industrial facilities, play a crucial role in the efficient operation of a warehouse and are vital for a company's logistics and supply chain processes. These systems are available in various styles and are tailored to accommodate goods based on the specific requirements of the factory or warehouse. By maximizing warehouse space compared to floor-level storage, industrial racking systems offer significant advantages. They come in different shapes and sizes, serving as an integral component of seamless warehouse operations and the overall logistics and supply chain of a company. Industrial Racking Systems can be classified into categories such as Cantilever Racking System, Drive-in or Drive-thru Racking System, Selective Racking System, and Push Back Racking System. These systems have applications that include maximizing available space and protecting stored products.

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Impact of COVID -19 on Global Industrial Racking Systems Market

COVID-19 pandemic adversely affected the global industrial racking systems market. The pandemic disrupted supply chains, halted production activities, and led to economic uncertainties, which negatively affected the market. Many industries faced temporary shutdowns or reduced operations, resulting in a decline in demand for industrial racking systems. Also, the restrictions and safety protocols implemented to curb the spread of the virus hindered the installation and implementation of new racking systems. The uncertainty and financial constraints faced by businesses during the pandemic also led to delays or cancellations of planned investments in infrastructure and storage solutions. However, industries such as e-commerce, healthcare, and essential goods experienced a surge in demand, leading to a need for increased storage capacity and efficient warehouse operations. Hence, this contributed to the demand for industrial racking systems in these sectors. Also, as businesses adapted to the challenges posed by the pandemic, there was a growing focus on warehouse automation and the adoption of advanced technologies. Industrial racking systems that facilitate automation, robotic integration, and digital tracking systems gained traction as companies sought to enhance operational resilience and agility.

Global Industrial Racking Systems Market – By System

By system, the global industrial racking systems market is divided into Cantilever Racking System, Drive-in or Drive-thru Racking System, Selective Racking System, and Push Back Racking System segments. The selective racking system segment holds the highest share in the global industrial racking systems market. Selective pallet racking systems offer versatility and flexibility in storage options. They are designed to accommodate a wide range of pallet sizes and weights, allowing businesses to efficiently store and retrieve products based on their specific needs. This adaptability makes selective pallet racking systems suitable for various industries and storage requirements. Also, selective pallet racking systems provide direct access to each pallet, enabling efficient inventory management. The design allows for the "first in, first out" (FIFO) inventory management method, where the oldest stock is utilized first, ensuring product rotation and reducing the risk of inventory obsolescence. The growth of e-commerce and online retail has contributed to the demand for selective pallet racking systems. These systems enable efficient order picking and fulfillment processes, ensuring quick and accurate product delivery to customers.

Competitive Landscape

Major players operating in the global industrial racking systems market include Ridg-U-Rak Inc., Kardex, Averys SA,  SSI Schaefer,  Gonvarri Material Handling,  PROMAN, S.r.l., AR Racking, ARPAC, North American Steel Equipment Inc., AK Material Handling Systems, Bastian Solutions, LLC, Dematic Corporation, and Honeywell Intelligrated, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Industrial Racking Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Industrial Racking Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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